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Vanderbeek v. Vernon Corporation

50 P.3d 866 (2002)

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Vanderbeek v. Vernon Corporation

Colorado Supreme Court

50 P.3d 866 (2002)

Facts

Robert Vanderbeek and two others (collectively, Vanderbeek) (plaintiffs) served as a trust’s co-trustees. Vernon Corporation (defendant) and Vanderbeek were former partners. Vanderbeek knew that funds would be transferred into Vernon’s account and obtained an attachment order. The funds were frozen for three weeks. Vernon moved for damages for wrongful attachment, claiming that it had intended to use the funds to purchase shares of a particular stock and had to purchase fewer shares at a higher cost because the stock price had risen while the funds were frozen. The damages Vernon sought consisted of the additional money it had to pay for the shares it purchased and the lost profit on the shares it could not purchase. The trial court denied recovery because the rise in the stock’s value was unforeseeable and damages relating to the increase were speculative. The court of appeals reversed. The Colorado Supreme Court granted certiorari.

Rule of Law

Issue

Holding and Reasoning (Rice, J.)

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